The Punjab National Bank has asked billionaire diamond jeweller Nirav Modi to come up with a concrete plan that can be implemented to settle the loss caused to it by fraudulent issuance of letter of undertakings (LoU) through one of its branches. PNB said this in its response to a mail written by Nirav Modi, who allegedly cheated the bank of Rs 11,400 crore in connivance with a few bank officials. When the illegal activities of Nirav Modi surfaced, the bank brought them to the notice of the law enforcement agencies as they apparently violated FEMA and anti-money laundering law, sources said. Nirav Modi in his letter to the bank had said that the over-zealousness on the part of the bank to deal with the issue destroyed his jewellery brand and also jeopardised his ability to clear the dues.  

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